KwaZulu-Natal Premier, Thamsanqa Ntuli, has underscored the commitment to economic development, trade, and investment growth toward 2030, aligned with the province’s broader strategic priorities.
Ntuli reiterated the province’s commitment during the KwaZulu-Natal Trade and Investment Conference currently underway at the Inkosi Albert Luthuli International Convention Centre in Durban.
The two-day conference, which started on Monday, aims to promote, brand, and market KwaZulu-Natal as an investment destination, identify and develop investment opportunities, among others.
The conference brings together investors, government leaders, and industry captains to explore and amplify the province’s status as a top investment destination.
Delivering his keynote address on Monday, Ntuli highlighted that over the past decade, KwaZulu-Natal has attracted significant investments in key sectors, especially through developments at the Durban and Richards Bay Ports, two of Africa’s largest and busiest maritime hubs.
“Enhanced container capacity, automation, and infrastructure upgrades have strengthened KZN’s position as a regional logistics powerhouse. Similarly, the Dube Trade Port, adjacent to King Shaka International Airport, has drawn over R2 billion in investments, cementing its role in warehousing, logistics, and agriculture, including the Dube AgriZone, a major hub for export-focused agri-business,” Ntuli said.
Reflecting on the 2019 Provincial Trade and Investment Strategy’s achievements and areas for intensified effort, Ntuli said the strategy targeted R76 billion in new and expansionary investments by 2024. This is alongside the creation of approximately 68 000 jobs and an increase in the province’s national export value to R1.28 trillion.
While projections indicate that the targets may not be fully met by the year’s end, the Premier emphasised the need to redouble efforts in investment initiatives.
“The Richards Bay Industrial Development Zone (RBIDZ) has fuelled growth in heavy industry and energy, particularly in metals like aluminium and steel, generating jobs and boosting export potential.
“Renewable energy investments, particularly in biomass and solar, have diversified KZN’s energy landscape, with biofuel production from the sugarcane industry enhancing the province’s green economy credentials.”
Growth in the agricultural sector
The Premier also highlighted the province’s strong agricultural sector, which has attracted investments in agro-processing, and supporting industries including sugar refining, dairy processing, and timber.
The Premier said this growth is further supported by a thriving food and beverage industry, pharmaceutical, and packaging sectors, benefiting from proximity to key ports and an expanding consumer base.
Tourism
He said tourism also remains central to KZN’s economy, supported by new hospitality investments, including the reopening of the international Hilton Hotel and the Durban Beach promenade renewal.
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Noting KZN’s absence from many long-haul tourist packages, Premier Ntuli stressed the importance of positioning the province as a key destination for international tourism.
Ntuli highlighted several strategic assets crucial to the province’s competitive advantage, and these include expanded port capacities, Special Economic Zones (SEZs) like Richards Bay and Dube TradePort, and streamlined regulatory and tax incentives to attract foreign and local investments.
The Premier urged stakeholders to seize the opportunities presented by the African Continental Free Trade Area (AfCFTA), which offers KZN unprecedented access to a $3.4 trillion market.
Partnerships
The Premier also addressed issues in freight rail services and port bottlenecks, emphasising that public-private partnerships could unlock efficiencies.
He further called attention to KZN’s role in automotive manufacturing, underscoring opportunities in electric vehicle (EV) component production to tap into Africa’s growing EV market.
“Sustainable growth initiatives, including green hydrogen, biomass, and digital innovation, are essential for positioning KZN as a leader in the renewable and digital economies. Collaboration with local universities and technology firms is building a skilled workforce to support industries like IT, finance, and business outsourcing, further enhancing KZN’s role as a technology and logistics hub,” Ntuli said.
The Premier emphasised the importance of resilient infrastructure, including sustainable energy investments, and inclusive growth that extends to all municipalities, cities, and rural areas.
He issued a call to action for deeper engagement with rural and municipal stakeholders, ensuring these areas are active participants and beneficiaries in KZN’s economic growth. – SAnews.gov.za
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